tv Cavuto on Business FOX News April 21, 2012 10:30am-11:00am EDT
scandal, the government's scandal for taxpayers. hello i'm charles payne in for neil cavuto and 823,000 blown by the gsa in vegas, chump change. and dimming the lights on 2000 jobs after 16 million in tax break and the $60 light bulb and the government paid the company 10 million to make them. the president's doubling down. >> i want clean energy to happen here in the united states. it's time for us to double down on clean energy that has never been more promising. >> it's the right way for us to put people to work, right now. >> and sound like someone's chasing a bad hand where we all end up busted. >> amilya and start with you, we're doubling down and tripling down. >> scares the heck out of me,
he's picking the company that the private sector passed on over and over again, and why? because it doesn't work, but he's going to foot the pill and we are at the end. >> ben, i want to talk to you about, because we have with the $60 light bulb, i always think about you when we talk about light bulbs, an an amaze ago asortment of light bulbs and my wife has been trying to collect them and we can't catch up to you. this is crazy, isn't it? the green agenda, it's a-- we're going nowhere. >> well, i am all in favor of a green agenda, i'm all in favor of trying to get the earth as clean as it can be, the global warming is real, and i guess it is, i want to do whatever it takes to get the earth not to be too warm woshl for humans and animals and trees, but the press is doing or wellion thought control and telling people what they have to do. and i think that educating people about what their choices are, is fine. educate people what the
consequences, a warming planet, but to try to control people's behavior down to small details, that to me is or wellion mind control, i don't like it. >> adam, i don't know, or wellion mind droll, i'm conflicting the two, but certainly, after all of these scandals and the waste and all of these stories, it feels like maybe a bad gried for the president to pursue this and think he can be reelected on this platform. >> well, i don't recall, i don't know how much time i've got. >> a little bit, not a lot. >> we're giving people here, first of all, i admire the effort to match the gsa waste with the the subject that we're discussing since they obviously have nothing to do with each other, but-- >> and let's move on. >> okay, go ahead. >> and adam. >> and here is an interesting observation for you, first solar, layoffs, because it's getting creamed, now why? because china has a more
aggressive green agenda than we do. and more than we do. >> as for the-- >> as for the lightbling, i'll just finish my point, charlie. as for the light bulb, we have a long history of codes and standards for a variety of reasons, including safety. including health, including what the government, various government thinks, and this is one of them. >> and adam, a lot of people would argue that the new light bulbs are indeed significantly more dangerous than anything we're doing right now, but i want to go back to charles. >> some would argue that mars is made of cheese, that doesn't necessarily make it-- >> the moon, the moon. >> oh, the moon, new, ben, the moon is-- and first of all, let's talk about china, subsidizing failure and command control economies can do that. one of the great things about the markets, and solar panels obviously do not work to the extent that people like adam
work, now why? if they do, guess what, ge would be selling them. >> the free market would be eating this up. >> i'd be walking across the street in the store, and global warming doesn't exist and science is out on it. >> what about the science being out on the moon being made of cheese. >> it's definitely out on that, too, before we end this on the buffet tax, and thank god. and one of the things, working about that tax was to finance the stuff that doesn't work. >> we've got it put our money in jobs that are going to stay there. they go into a green company, think they have the job and laid off. and go back into the system all over again. >> so you want to-- >> and the biggest sin of slan dra, adam, whatever thell you call that company. solyndra. people were out of work to finance that pie in the sky dream. >> when the math didn't work, day one, the math didn't work. >> and adam, i will say the premise of this whole inning is that the gsa scandal involved almost a million
dollars, we're talking about billions and billions and billions of dollars, being poured into something here, by the way i give the guys these credit and they go up to solar companies and add might a billion dollars and create ten full-time jobs, thats chutzpa for you, but seem like a waste of time. >> how many businesses could it have started and the predi predictable outcome would have been success. >> let's trust the american public and educate them of the dangers of global warming and environment, and let them, not demand and control of america. >> adam? >> that's fine, but we have a rich history in the united states of investing heavily in important themes, like, like this, like pace or what became the internet or the billions
of dollars into basic research and health care that becomes the drug industry and that's what's going on here. >> it's whatever you want. but mathematically, had a return on investment that makes it use our tax dollars. >> no, it doesn't work that way, not for any of the industries. >> i'm going to charlie because one thing i don't like here, we're using the word invest because i don't consider these investments, i really don't. >> and listen, the government does play a role in some of the nascent technologies and the internet. and al gore, there you go. and so, the internet and al gore helped invent began as a military project of the there's a point to be made that we need to invest some of this. the problem the president has, he's got to spend so much money and ben is right. orwellion, and masks it as stimulus and putting people to work and when these are technologies that don't work. they may work in the future,
but. >> and by the way, if he leveled with the american people, they would be outraged. >> i want to wrap it up going back to you, ben. you make the point, obviously, the government's role and warning us about things that are good for us, however, that role does not extend to actually taking our money and putting it toward pet projects, and particularly those that are failing miserably. >> well, i tell you the space program was a defense program, really, in the final analysis and that's obviously the government's role what kind offed light bulbs to use and power source to use, that's not a defense issue, at least not in the first analysis and i question whether the government roles. >> leave it there. by the way the highway program was a dwns issue. >> worked unbelievably. >> worked well, we'll leave it there. one is saying don't think about smoking them if you've got them, not if you want a job in our city and someone from the forbes gang is saying it's great news for all taxpayers, that's at the top of the hour. up here next, facebook king
>> hi, live from america's news headquarters, i'm jamie colby. president obama's using his weekly radio and internet address to urge congress to maintain student loan interest rates and keep the cost of college stable. >> in america, hi education cannot be a luxury, it's an economic imperative that every family must be able to afford. >> and the president's remarks kicking up a week long campaign in states and appealing to the young voters and meanwhile, missouri senator roy blunt, delivering a g.o.p. response and blasting president obama for ignoring skyrocketing prices and raising taxes on millionaires.
and one also faulting the president for opposing the keystone pipeline which would gary oil from canada to the texas gulf coast, a lot more coming your way in 30 minutes, i'll send you back now to cavuto on business. >> well, call it another case of selective outrage from our elected officials, citigroup shareholders getting a big thumbs down to some big pay day for executives and that may bode possible because of financial regulations and meantime, facebook' boss apparently acting alone and without a net and mark zuckerberg making a billion dollar deal sigh stepping the board. >> if i was a shareholder i would be outraged by some of the stuff that facebook is doing. by the way cover facebook and wall street and secretive. this is a company that boasts to be open architecture and everything, and they're
secretive and almost like totalitarian when it comes to dealing with this. >> >>-- >> and facebook was bailed out and citigroup bailed out. they had to issue the shares. >> and citigroup, reason why the shareholders had a chance to vote it down it's in the a company owned by five or six institutional investors. he's the ceo and when they vote on his pay package, this is hugely diluted because of the financial crisis and many more shareholders are voting and-- >> here is the deal amilya, i'm not talking shareholders, but i'm talking about the government, our government debt has been so-- beat down wall street, you know, how come one guy in a public company, publicly traded not hearing anything from the powers that be? >> and, but they're using their influence, no, it's not illegal, but is it correct, the influence and some say
financial companies and oil companies are bad, but facebook and technology and google, they're good. >> what are they going to say about it? >> what? >> i'm not a great fan of facebook, and obama's going to give a speech against facebook? >> he's given a lot of speeches. listen, adam, president obama has given a lot of speeches about the mean spirited oil companies and insurance companies, et cetera, et cetera, it does seem like silicon valley especially always gets away with never being tasked as nefarious. >> well, i think that's absolutely true. silicon valley is the beacon of hope on the hill and the oil company. >> the beacon of a lot, too. >> and steals money from-- >> and silicon valley, i think it's fairly straight forward. having said that, i think it's an interesting issue and it's the security issue, and i think that zucker berg did absolutely nothing wrong it's a private company which he controls. if they go public, if you don't like it, don't buy the
stock, citi is as charlie said a bank bailed out and widely held, and i think it's extremely appropriate that the shareholders should vote on it and again, i'm not so concerned with the shareholders per se, but the attitude, and particularly this administration, that there are some businesses out there that deserve some sort of punitive action from us and yet there are other businesses that can do anything, and get away with it, and well, i think that adam nailed it exactly. and the public company for the security laws and requirements and regulations and common-law dabbing tr doctrine. >> it's not a public company. they're not a public company. >> and yet, they-- >> they're not a public company. >> a private placement and-- >> they're the not a public company, apples and oranges. >> they're not a public company. >> and the shares-- can i at the point you-- charlie-- >> that's not even-- >> they're he not a public company, they're not a public company.
>> guys, guys, let's get to the topic for a minute. forget about that, forget about that. and-- >> but as to your topic, it's true, the president hammers the oil companies over and over and over again, and i don't understand why. the oil companies haven't done anything wrong, but they are public companies, responsible to stock holders and facebook is not a public company yet. >> we'll bring it back to you. >> they are a private company that's registration-- they have private shares up to the sec, they have regulatory authority. >> which brings me back to the original premise, charlie. then why doesn't the president have such a-- why isn't the vitriol ever pointed to the hip companies? >> why does warren buffett get away with what looks like, at his company-- >> i heard that adam. >> and he's on facebook. >> and you know, it's a legitimate question and not so much in terms of-- i don't think we need to do significant so bad although he does come under sec
regulation, i don't care what anybody says, why does warren buffett's number two, buy a stock, recommend that stock, have buffet buy the company and makes 3 million dollar quick profit and another example-- >> and give you some examples. >> and back to a million and-- >> you know it's a great example of another double standard there without a doubt and by the way, warren buffett sued by the government for 350 million in taxes, but amilya gets back to the idea that some companies are hip, some people are hip. some people are worthy of the same from the government, and some aren't. the and the vision of the country whether it's on main street or the corporate world. >> what happens from the small business we look at that and rules apply to some people, but not all people and other people get access to information first and some people get access later and depens who you're expected to, whether it's good or bad about you. google can do no wrong, however, the oil companies, boo and his and take the history of how many of the oil companies were the first tied with capital to a lot of those
today. >> and adam had the answer of the year, they're hip. and the radio or the iphone, beatles in my frappaccino, gross! >> what if i tell you that the government is okay with using those as food coloring? >> yikes! >>. [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence
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beatles for sweet drinks. the government actually approved this method of coloring and amilya, the f.d.a. has a 4 1/2 billion dollars and this is the kind of stuff they're approving. >> i understand way back when we crushed them up for cleopatra's makeup, but i didn't think we'd be eating them. >> and you had that and. >> i have and i'm not eating chocolate covered ants, but not synthetic and-- >> charlie, you're surprised you've got a gigantic agency, and 4 1/2 billion dollars and this is the best they can do, huh? >> i don't know what to say. all i know, i and the believe i ate or drank beetles. >> i'm sure when the government say it, a long word and researched and everybody else don't read-- >> and lashinsky, are beetles good for you? and can it. >> so glad you asked that.
i'm-- charlie, i'm so glad you used that, one thing i can promise you, none of us know, and you can say 4 1/2 billion, charles, as many times as you like, but none of us has a medical degree and i assume-- let me refrain that, rephrase that, i have not seen anything to suggest that this isn't safe. so, is this just an opportunity to beat up on the government again or what? i mean, come on. >> you know what the irony of it all is, ben, that starbucks was getting the heat because they had the artificial ingredients and thought you don't want artificial. >> exactly, well put. >> and it's astonishing that americans care so much about the crushing of a beetle. it's almost unbelievable, do we really have that much surplus compassion that we have to worry about the crushing after beetle? an awful lot of young children. >> no. >> no, no, a lot of children are suffering real life human beings suffering terribly and worried about beetles?
>> a vegan, are they worried about hurting beetles or just worried about being disgusted about drinking them? >> the whole subject. >> and the irony, amilya, the day before people found out they loved the strawberry frappaccinos, but as soon awes found out beetles. the other thing you want to know the government is okay with, canned mushrooms, maggots can be in there, 20 or more maggots, mold and rot is okay with the f.d.a. lment amount 12% or more. rodent hair, might find that in the peanut butter. the point is, adam, maybe these thing aren't bad for us, insect eggs and maggots aren't bad for it, i don't know, we don't want to-- >> here is what i-- here is what i think from your question, charles, i'm just appalled that you want us to have a nanny state where the government needs to be involved in every little thing no matter, no matter how
small. >> adam, maybe, here is where you and i can agree. you made the point before saying we're not doctors, but these organizations also don't solicit the right talent to do the analysis, and think about small businesses and people are making-- >> your evidence for this is what? >> nothing about small business. maybe they shouldn't-- >> and the reference comes from where? they don't have good science and-- >> you saw this, and-- >> ate ants and stuff. >> evidence comes from beating beat beetles in frappaccino. >> people eat dead animals of every kind. >> i couldn't care if ne didn't have a 4 1/2 billion dollar budget. thanks to charlie and amilya. up next, big stocks getting a pop after the profits pop. our gang has stocks that could be the next big poppers for you. hi, i just switched jobs, and i want to roll over my old 401(k) into a fidelity ira.
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>> 3mm, a plan of recovering economy. it has a healthy dividend, it's not expensive and reports earnings next week. >> ben? >> i continue to love boeing. i've loved it a long time. it's a well managed company, gets through problems with defense, problems with swill yen aircraft. >> do you think over all the earnings streaks continues? >> yes, i do. the company's well managed angled they have a lot of cash. >> ben? >> earnings growth has slowed the last few weeks but i look for continued earnings growth. american business is adaptive even in bad circumstances. >> speaking of resourceful and adaptive, here's dave. >> big labor boss,